Global equities were mixed in October, resulting in a second consecutive – though modest – loss of 0.35% for the month. Overall performance was also negative -- returns were 68 basis points (0.68%) below the Fund's benchmark return for the month and 173 basis points (1.73%) below benchmark for the 12-month period ending October 31, 2014.
The net return after the first two months of the new plan year stands at -1.8341% (September 1, 2014 through October 31, 2014).
Note that the current fund rate, which is calculated monthly based on reports from both our managers and the Plan's trustee, is now used to determine final values for members who decide to initiate pension benefit payments as well as for those who elect to transfer their account balances following termination or retirement. Active and deferred member balances are updated once each year based on the fund rate of return following our year-end of August 31.
For more information, please contact the Pensions & Insurance Unit of the Department of Human Resources.